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v3.23.1

FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, All Other Investments [Abstract] |
Debt Securities, Available-for-sale | The following tables summarize the Company’s cash and available-for-sale debt securities’ amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit loss, and fair value by significant investment category reported as cash and cash equivalents, short-term investments, or long-term investments as of March 31, 2023, and December 31, 2022 (in millions):
|  |  |  |  |  |  |  |  |  |  | Reported as:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value |  | Cash and Cash Equivalents |  | Short- term Investments |  | Long- term Investments
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 605.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 605.2 |  |  | $ | 605.2 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,537.8 |  |  | — |  |  | — |  |  | — |  |  | 1,537.8 |  |  | 1,537.8 |  |  | — |  |  | — |
U.S. treasuries | 2,279.0 |  |  | — |  |  | (69.7) |  |  | — |  |  | 2,209.3 |  |  | — |  |  | 1,522.6 |  |  | 686.7 |
Subtotal | 3,816.8 |  |  | — |  |  | (69.7) |  |  | — |  |  | 3,747.1 |  |  | 1,537.8 |  |  | 1,522.6 |  |  | 686.7 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 1,789.2 |  |  | — |  |  | (60.3) |  |  | (1.1) |  |  | 1,727.8 |  |  | — |  |  | 769.6 |  |  | 958.2 |
U.S. government agencies | 400.4 |  |  | — |  |  | (15.3) |  |  | — |  |  | 385.1 |  |  | — |  |  | 210.5 |  |  | 174.6 |
Municipal securities | 118.2 |  |  | — |  |  | (4.8) |  |  | — |  |  | 113.4 |  |  | — |  |  | 46.5 |  |  | 66.9 |
Subtotal | 2,307.8 |  |  | — |  |  | (80.4) |  |  | (1.1) |  |  | 2,226.3 |  |  | — |  |  | 1,026.6 |  |  | 1,199.7 |
Total assets measured at fair value | $ | 6,729.8 |  |  | $ | — |  |  | $ | (150.1) |  |  | $ | (1.1) |  |  | $ | 6,578.6 |  |  | $ | 2,143.0 |  |  | $ | 2,549.2 |  |  | $ | 1,886.4 |
|  |  |  |  |  |  |  |  |  |  | Reported as:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value |  | Cash and Cash Equivalents |  | Short- term Investments |  | Long- term Investments
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 497.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 497.2 |  |  | $ | 497.2 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,084.0 |  |  | — |  |  | — |  |  | — |  |  | 1,084.0 |  |  | 1,084.0 |  |  | — |  |  | — |
U.S. treasuries | 2,715.2 |  |  | — |  |  | (96.6) |  |  | — |  |  | 2,618.6 |  |  | — |  |  | 1,542.4 |  |  | 1,076.2 |
Subtotal | 3,799.2 |  |  | — |  |  | (96.6) |  |  | — |  |  | 3,702.6 |  |  | 1,084.0 |  |  | 1,542.4 |  |  | 1,076.2 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 20.0 |  |  | — |  |  | — |  |  | — |  |  | 20.0 |  |  | — |  |  | 20.0 |  |  | — |
Corporate debt securities | 2,022.0 |  |  | — |  |  | (76.0) |  |  | (1.1) |  |  | 1,944.9 |  |  | — |  |  | 651.8 |  |  | 1,293.1 |
U.S. government agencies | 447.2 |  |  | — |  |  | (19.9) |  |  | — |  |  | 427.3 |  |  | — |  |  | 247.8 |  |  | 179.5 |
Municipal securities | 155.5 |  |  | — |  |  | (6.0) |  |  | — |  |  | 149.5 |  |  | — |  |  | 74.7 |  |  | 74.8 |
Subtotal | 2,644.7 |  |  | — |  |  | (101.9) |  |  | (1.1) |  |  | 2,541.7 |  |  | — |  |  | 994.3 |  |  | 1,547.4 |
Total assets measured at fair value | $ | 6,941.1 |  |  | $ | — |  |  | $ | (198.5) |  |  | $ | (1.1) |  |  | $ | 6,741.5 |  |  | $ | 1,581.2 |  |  | $ | 2,536.7 |  |  | $ | 2,623.6 |
Summary of Contractual Maturities of Cash Equivalents and Available-For-Sale Investments | The following table summarizes the contractual maturities of the Company’s cash equivalents and available-for-sale debt securities (excluding money market funds), as of March 31, 2023 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,602.1 |  |  | $ | 2,549.2 |
Mature in one to five years | 1,984.7 |  |  | 1,886.4 |
Total | $ | 4,586.8 |  |  | $ | 4,435.6 |
Schedule of Unrealized Loss on Investments | The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of March 31, 2023, and December 31, 2022 (in millions):
| March 31, 2023
| Unrealized losses less than 12 months |  | Unrealized losses 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries | $ | 71.7 |  |  | $ | (0.8) |  |  | $ | 2,137.6 |  |  | $ | (68.9) |  |  | $ | 2,209.3 |  |  | $ | (69.7) |
Corporate debt securities | 159.6 |  |  | (2.0) |  |  | 1,550.3 |  |  | (58.3) |  |  | 1,709.9 |  |  | (60.3) |
U.S. government agencies | 9.7 |  |  | (0.3) |  |  | 375.4 |  |  | (15.0) |  |  | 385.1 |  |  | (15.3) |
Municipal securities | — |  |  | — |  |  | 113.4 |  |  | (4.8) |  |  | 113.4 |  |  | (4.8) |
Total | $ | 241.0 |  |  | $ | (3.1) |  |  | $ | 4,176.7 |  |  | $ | (147.0) |  |  | $ | 4,417.7 |  |  | $ | (150.1) |
| December 31, 2022
| Unrealized losses less than 12 months |  | Unrealized losses 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. treasuries | $ | 731.7 |  |  | $ | (26.0) |  |  | $ | 1,886.9 |  |  | $ | (70.6) |  |  | $ | 2,618.6 |  |  | $ | (96.6) |
Corporate debt securities | 631.4 |  |  | (17.6) |  |  | 1,221.9 |  |  | (58.4) |  |  | 1,853.3 |  |  | (76.0) |
U.S. government agencies | 102.7 |  |  | (4.4) |  |  | 324.6 |  |  | (15.5) |  |  | 427.3 |  |  | (19.9) |
Municipal securities | 44.6 |  |  | (1.1) |  |  | 104.9 |  |  | (4.9) |  |  | 149.5 |  |  | (6.0) |
Total | $ | 1,510.4 |  |  | $ | (49.1) |  |  | $ | 3,538.3 |  |  | $ | (149.4) |  |  | $ | 5,048.7 |  |  | $ | (198.5) |
Summary of Equity Investment Activity | The following table is a summary of the activity related to equity investments (in millions):
|  |  |  |  |  |  |  |  | Reported as:
| December 31, 2022 Carrying Value |  | Changes in Fair Value (1) |  | Purchases / Sales / Other (2) |  | March 31, 2023 Carrying Value |  | Prepaids and other current assets |  | Intangible and other assets, net
Equity investments with readily determinable value (Level 1) | $ | 4.3 |  |  | $ | (0.4) |  |  | $ | (2.7) |  |  | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | — |
Equity investments without readily determinable value (Level 2) | $ | 59.1 |  |  | $ | 0.5 |  |  | $ | 4.0 |  |  | $ | 63.6 |  |  | $ | — |  |  | $ | 63.6 |
(1) Recorded in interest and other income (expense), net.
(2) Other includes foreign currency translation gains/(losses).
Derivatives Not Designated as Hedging Instruments | These derivative instruments are used to hedge against balance sheet foreign currency exposures. The related gains and losses were as follows (in millions):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Recognized gains (losses) in interest and other income (expense), net | $ | (3.3) |  |  | $ | 6.8 |  |  |  |  |
Foreign exchange gains (losses) related to balance sheet re-measurement | $ | 5.4 |  |  | $ | (10.1) |  |  |  |  |
Gross Notional Amounts for Derivatives and Aggregate Gross Fair Value Outstanding | Total gross notional amounts (in USD) for outstanding derivatives and the aggregate gross fair value at the end of each period were as follows (in millions):
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 222.9 |  |  | $ | 188.4 |  |  | $ | 513.3 |  |  | $ | 496.3 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 2.8 |  |  | $ | 1.8 |  |  | $ | 1.7 |  |  | $ | 4.3 |
Other accrued liabilities | $ | 3.4 |  |  | $ | 5.3 |  |  | $ | 3.6 |  |  | $ | 4.2 |

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